Medical Insurance: No more a need, but a necessity today

  A medical emergency can knock your door anytime. Therefore, to keep your family’s finances stable, it is essential to buy an effective health insurance plan. In life, every new road brings a new set of uncertainties and medical insurance acts as a safeguard during medical emergency. Not having a health insurance is either a sign of luxury or foolhardiness. It is important to select the best medical plan according to your needs. However, we face many challenges while shopping for a suitable medical plan. Hence, here are the following ways that will help you to understand, why you must buy a health plan:  

1. Even if your organization provides you a corporate group health cover, you should have an individual health insurance plan. Because, there is a possibility that your corporate cover will cease once you leave the company or retire.  
2. You must buy a health plan as soon as possible in life and especially, before you turn 40. With a health insurance plan, you are likely to get the benefits of no-claim bonus and add-ups every claim-free year.
3.  You should purchase your medical insurance plan from a reputed insurance broker, who has the ability to help you with claims. God forbid, if you meet with an accident or have a heart attack, you won’t be in a position to deal with the insurer in case your claim is rejected. 
4.  Always be careful about the plans that offer a cap on room rate. You cannot decide the room category if you or your family member are taken to the hospital during emergency. For this reason, you must buy a plan with minimal or no sub limit. Generally, sub limit means your insurer specifies a limit for your expenses and anything above that need is taken care by you. Doctor’s fee, diagnostics and room rent are the most common types of introduced sub limits. Therefore, you should keep a check on sub limits while choosing a policy.  
5.  Go for a plan that gives you a super top up or restore limit. Thus, this will act as a cover to some of the unexpected medical illnesses that can be very costly to manage such as cancer or any other major disease.